Econ 251 Syllabus Spring 2021-001-002 PDF

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Microeconomics Econ 25100-001 and 002 Spring 2021 Professor: Kelly Blanchard [email protected] E-mail: Office Location: KRAN 345 Office Hours/Virtual Office Hours: Mondays and Wednesdays 9-11 a.m. in KRAN 345 (in person) and virtually (see Brightspace Content under “Contact Information and Office Hours” for Zoom meeting links), or email request for appointments at other times. Teaching Assistants: Lisa Pan ([email protected]) and Xiaoyan Zhou ([email protected]) TA office hours posted under “Contact Information and Office Hours” in Brightspace Content. Note: If you want to hire a personal tutor for this course, the economics department does have a list of economics graduate and undergraduate students who have offered to provide tutoring services. Contact Dr. Blanchard for more information. Supplemental Instructor (SI): Eeman Khan ([email protected]) Virtual Weekly SI Sessions through Zoom: Look for the “Spring 2021 Supplemental Instruction” course on Brightspace and go to “ECON 251” under “Content” there to click on the relevant link. SI Virtual Office Hour: For links, see “Spring 2021 Supplemental Instruction” information for ECON 251 on Brightspace Delivery of Course Content ECON 25100-001 and 002 sections are designed to be in-person/hybrid courses that include class meeting times on campus as shown below: ECON 25100-001

CRN: 28854

Tuesdays and Thursdays noon-1:15 p.m.

EE 129

ECON 25100-002

CRN: 28855

Tuesdays and Thursdays 7:30-8:45 a.m.

EE 129

Given enrollments in the course and limited classroom capacities due to COVID-related restrictions, only half of enrolled students can fit in the classroom during each class period. As a result, each section will be split in half, and you will attend class in person only one day a week. You are randomly assigned to a Tuesday or Thursday group in Brightspace and should have been emailed your group assignment. If you didn’t receive the email, you can view your group assignment from the Groups link under Course Tools in Brightspace. Lectures will be recorded on BoilerCast and posted on Brightspace, so you will have access to lecture on the day you’re not assigned to attend (or if you cannot attend your assigned class day or time for any reason). You can access those

recordings from the Brightspace module called “Lectures” under the Brightspace Content tab. Weekly homework assignments, exams, and extra credit Hotseat questions will all be accessible from Brightspace, and more details about each of those areas is below. Course Web Sites: Brightspace: purdue.brightspace.com (for accessing grades, chapter objectives, and general course information or postings) MyEconLab: www.myeconlab.com (for e-text, homework, study guide—also accessible through Brightspace) Hotseat: www.purdue.edu/hotseat or www.openhotseat.org (for extra credit in lecture) Khan Academy: https://www.khanacademy.org/math/algebra/two-var-linear-equations (try the Unit Test for algebra review) Course Objectives (a more detailed list of objectives by chapter and topic is available on Brightspace) Econ 251 introduces you to microeconomic theory and its application in everyday life. By the end of this course, you should be able to 1) Calculate economic costs and benefits relevant for making rational decisions 2) Identify factors that influence demand, supply, and market equilibrium 3) Evaluate the efficiency and equity of market equilibrium and the role of government in achieving efficiency and equity A more detailed list of learning objectives by chapter is available in Brightspace in the Course Basics link under Brightspace Content. Textbook The textbook for the course is Microeconomics for Economics 251 (5th edition), published by Pearson Custom Publishing (ISBN for textbook alone: 1323914145 / 9781323914144). The hard copy of the text is available in the bookstores as a new text bundled with an access code for the publisher-provided online homework system, MyEconLab (ISBN for the bundled package: 0135330890 / 09780135330890), or you can purchase access to the online homework system with a digital copy of the text directly from the publisher. (See “Homework” section below.) Weekly Course Schedule (estimate) Topic Week 1: January 19January 24

Assignments

Chapter 1: What Is Economics? Chapter 2: The Economic Problem (Comparative and Absolute Advantage)

Week 2: January 25January 31

Chapter 2, continued (Production Possibility Frontiers)

HW #1 Due Monday, January 25 at 11:59 p.m.

Chapter 3: Demand and Supply

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Week 3: February 1February 7

Chapter 3, continued (Equilibrium)

HW #2 Due Monday, February 1 at 11:59 p.m.

Chapter 4: Elasticity (Price elasticity of demand) Week 4: February 8February 14

Chapter 4, continued (Other elasticities)

HW #3 Due Monday, February 8 at 11:59 p.m.

Chapter 5: Efficiency and Equity (and Ethics) Week 5: February 15February 21

Chapter 6: Government Actions in Markets Reading Day Wednesday, February 17

HW #4 Due Monday, February 15 at 11:59 p.m. Review Session for Exam #1 to be determined

Week 6: February 22February 28

Review for Exam #1 (covering chapters 16)

HW #5 Due Monday, February 22 at 11:59 p.m. EXAM #1 Thursday, February 25 (available on Brightspace at 9 a.m. ET and closes Friday, February 26 at 9 a.m. ET) covering chapters 16

Week 7: March 1-March 7

Chapter 7: Utility and Demand

Week 8: March 8-March 14

Chapter 8: Possibilities, Preferences, and Choices

HW #6 due Monday, March 8 at 11:59 p.m.

Week 9: March 15-March 21

Chapter 9: Profit, Production, and Costs Reading Day Thursday, March 18

HW #7 due Monday, March 15 at 11:59 p.m.

Week 10: March 22-March Chapter 10: Perfect Competition 28

HW #8 Due Monday, March 22 at 11:59 p.m.

Week 11: March 29-April 4 Chapter 11: Monopoly

HW #9 Due Monday, March 29 at 11:59 p.m.

Week 12: April 5-April 11

HW #10 Due Monday, April 5 at 11:59 p.m.

Chapter12: Monopolistic Competition

Review Session for Exam #2 to be determined EXAM #2 Thursday, April 8 (available on Brightspace at 9 a.m. ET and closes at 9 a.m. ET Friday, April 9) covering chapters 7-12 Week 13: April 12-April 18

Chapter 13: Oligopoly Reading Day Tuesday, April 13 Page 3 of 7

Week 14: April 19-April 25

Chapters 14: Externalities

HW #11 Due Monday, April 19 at 11:59 p.m.

Chapter 15: Public Goods and Common Resources Week 15: April 26-May 1

Chapter 16: Economic Inequality

HW #12 Due Monday, April 26 at 11:59 p.m. Review session for final exam to be determined

Week of May 3

FINAL EXAM (Date, time, and location to be determined. Check MyPurdue when the University releases final exam schedules.)

Final exam covers chapters 1-16

Evaluation Your grade in Econ 251 will be determined by your performance on two midterm exams, one final exam, and homework assignments. Extra credit is offered for Hotseat questions throughout the semester as well as for survey completions related to ongoing research on business ethics for the Krannert School of Management as described below. Exams: The two midterm exams will each have 40 multiple choice questions worth 2 points each. Exams will be taken in Brightspace and will require use of a lockdown browser and video recording system, so you must have a webcam and a reliable internet connection for exams. Students have 90 minutes to complete each of these midterm exams. The final exam will be cumulative and will have 50 multiple choice questions, each worth 2 points, and students have two hours to complete the final exam. The final exam will also be taken in Brightspace and will require use of the lockdown browser and video recording. In addition to a webcam and a reliable internet connection, you must have your student ID to display during your exam sessions. During virtual exams, you are permitted access to your notes, the textbook (a link to the e-text will be allowed during exams), scratch paper, and a non-graphing calculator. Exams will be available in Brightspace for a 24-hour period, but you have a limited amount of time within that window to complete the exam (90 minutes or 2 hours, depending on the exam). Homework: MyEconLab homework registration begins in Brightspace (purdue.brightspace.edu). You must register for the online homework system through Brightspace, or your homework grades will not be included in your course point total. Click the MyLab link under the Content section of Brightspace, and follow the instructions for registration from the Course Home link. If you buy a textbook from Purdue bookstores that is bundled with an access code, you will use that access code during registration. If you prefer to purchase access to the homework separately, you will purchase that access during the registration process. You should not pay for a textbook bundled with an access code AND purchase online homework separately. Once you have registered for MyEconLab through Brightspace, you can complete homework assignments by linking to MyEconLab through Brightspace or by going directly to www.myeconlab.com. (Note: If the MyEconLab registration process asks you for a course ID, the link between Brightspace and MyEconLab failed. Try adjusting security settings in your browser or contact Pearson support for help. You must register for MyEconLab through the link on our course Brightspace page.) Twelve homework assignments will be assigned. You can work on homework a few questions at a time, log off, and return to those you haven’t yet answered at a later time—just remember to complete each assignment before the due date and time. The system will automatically submit whatever you’ve completed at that due date and time, so there is no official “submit” button that you’re required to use to turn in assignments. Homework assignments are Page 4 of 7

generally due on Monday nights, as shown on the course schedule above. Exceptions to that general rule are noted in the course schedule as well. The average percentage score of your best 10 homework grades will be multiplied by the 40 total homework points to determine your overall homework points. For example, if the average score of your best 10 assignments is 18 out of 20 (90%), you would receive (0.9 x 40) = 36 out of the 40 possible points for homework. The online homework system will allow you multiple attempts for each homework problem and, on most questions, will provide feedback based on the answers you submit. Given the multiple attempts, the average score on each assignment should be close to 100%. Continue clicking the “Try Again” or “Similar Exercise” button to redo a problem if you miss part of it. Because only the best 10 homework assignments will be used to calculate your overall homework score, please note that you will not be allowed to make up any homework assignments you miss for any reason. Course requirements may be adjusted if you have a university-excused absence for an extended period of time. If you need product support for the online homework system, Pearson offers 24/7 Customer Technical Support at support.pearson.com Feel free to email me with homework questions through the “Ask My Instructor” link on a given homework question. Homework scores on each individual assignment will be posted on Brightspace weekly, and you have a maximum of one week after homework points are posted to address any discrepancies. Hotseat: Hotseat (www.purdue.edu/hotseat or www.openhotseat.org) is a program Purdue developed for students to provide feedback during and outside of class when requested. You can use a laptop, a smartphone with the Hotseat app, or a cell phone with texting capabilities to respond to Hotseat questions. There is no registration required for Hotseat (use your Purdue credentials—Hotseat uses BoilerKey authentication), and there’s no additional fee associated with it. If you want to send in answers via text, you will need to click the “Edit My Profile” link in the dropbox under your name to add your cell phone number to your profile. If you’re accessing Hotseat with the app through a mobile device, you can click the “Settings” link to add your cell phone number to your profile. (If you opt to text in answers to (765) 560-4177 , you receive a confirmation text that your response was received.) Hotseat points will be recorded as extra credit points (1 point per correct answer up to a maximum of 12), and there are no makeups for Hotseat questions. Note that Hotseat’s database is tied to your official course enrollment so you can access Hotseat questions only for the section you’re enrolled in. Hotseat questions and step-by-step explanations will be covered in lectures, so if a Hotseat question is introduced on a day you weren’t assigned to attend, make sure you review the lecture recording to ensure you are submitting the correct answer. Answers and explanations to Hotseat questions will be posted on Brightspace separately after Hotseat due dates to review. Hotseat questions will remain open from the time they are introduced in class to the following Sunday night at 11:59 p.m. ET. Additional Extra Credit Options: There are additional opportunities for extra credit related to ethics in business research that the Krannert School of Management is conducting. Announcements about the availability of these additional extra credit options will be posted on Brightspace as they arise. There are no extra credit opportunities offered on an individual basis. Course Point Breakdown: Homework 40 points Midterm Exams 160 points (two 40-question, 80-point exams) Final Exam 100 points (comprehensive, 50-question exam) Total Points 300 points Course grades: Historically, there is not much curve in this course. Any grading curve will be determined at the end of the semester and will never be stricter than the 90-80-70-60 standard cutoffs (90-100+ in the A range, 80-89 in Page 5 of 7

the B range, etc.). Plus/minus grades will be assigned. Standard cutoffs for plus/minus grades include the top 3 percent in a grade range as “+” grades (a B+ for 87, 88, and 89%, for example) and the lowest 3 percent in a grade range as “-“ grades (a B- for 82, 81, and 80%, for example). Makeup Exams Given the flexibility of a 24-hour exam window, you are expected to take exams as scheduled in the course. Makeup dates for the midterm exams and the final exam may be required to accommodate exam schedules in other classes or for other conflicts. If you know of your conflict ahead of time, you must contact me at least a week before our scheduled exam to determine your eligibility for a makeup exam. Other potential accommodations will be considered on a case-by-case basis. Supplemental Instruction (SI) There are Supplemental Instruction (SI) study sessions available for this course. These study groups are open to anyone enrolled in this course who would like to stay current with the course material and understand the material better. Attendance at these sessions is voluntary but extremely beneficial for those who attend regularly. Look for links to virtual SI sessions in Brightspace. They’re listed in a separate course called “Spring 2021 Supplemental Instruction”, and ECON 251 is listed as one of the options in that course. Information can also be found here: www.purdue.edu/si. Students who attend these interactive sessions will find themselves working with peers as they compare notes, demonstrate and discuss pertinent problems and concepts, and share study and test-taking strategies. Disability Resource Center If you are eligible for extended exam time or require other accommodations due to a disability, please contact the Disability Resource Center (DRC) in Young 830 (www.purdue.edu/drc). Once DRC has provided you with documentation that outlines your accommodations, please upload a copy of those accommodation documents to MyPurdue. I will use the DRC information on MyPurdue to determine time accommodations for exams we take in Brigthspace. If you’d prefer to schedule time in DRC’s testing locations on campus to take your exams, you can schedule exams through the DRC testing website (www.purdue.edu/drctesting). You may schedule exams in the testing center for any time on the day of our scheduled exam. Academic Integrity Purdue Honors Pledge: “As a Boilermaker pursuing academic excellence, I pledge to be honest and true in all that I do. Accountable together - We are Purdue.” In this class, I encourage you to study with one another and discuss among yourselves the material from class. However, during exams you will NOT be permitted to use any books, notes, or information from other students. Use of cell phones and similar devices during exams is prohibited. Any violation of academic integrity will result in automatic failure of the exam and potential for failure in the course. For a more thorough definition of academic dishonesty and a discussion of its repercussions, please see http://www.purdue.edu/odos/osrr/academic-integrity/index.html .

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Protect Purdue If you are on campus at any time this semester, please remember that the Protect Purdue Plan, which includes the Protect Purdue Pledge , is campus policy and as such all members of the Purdue community must comply with the required health and safety guidelines. Required behaviors in this class include: staying home and contacting the Protect Purdue Health Center (496-INFO) if you feel ill or know you have been exposed to the COVID virus (see modified attendance policy above), properly wearing a mask in classrooms and campus building, at all times (e.g., mask covers nose and mouth, no eating/drinking in the classroom), disinfecting desk/workspace before and after use, maintaining appropriate social distancing with peers and instructors (including when entering/exiting classrooms), refraining from moving furniture, avoiding shared use of personal items, maintaining robust hygiene (e.g., handwashing, disposal of tissues) prior to, during and after class, and following all safety directions from the instructor. Adverse Weather Conditions/Campus Emergency The University takes into consideration local and regional weather conditions, travel conditions and decisions by local school districts when deciding whether to delay, dismiss or cancel classes and/or routine operations for an entire campus due to Adverse Weather Conditions. When conditions warrant, a decision to delay, dismiss, or cancel classes and/or routine operations is coordinated with appropriate local city, county or state officials and communicated to faculty, staff, and students of the affected campus. Course details in this syllabus represent expectations for the semester, but the spring 2021 semester comes with a level of uncertainty that is higher than usual. As a result, the potential for circumstances that require changes to the course syllabus are more likely than they would be in a normal semester. In the event of a major campus emergency, course requirements, deadlines, and grading percentages are subject to changes that may be necessitated by a revised calendar or other circumstances. Information regarding any changes in this course will be communicated in class and via email or viewed as an Announcement on Brightspace. You may also contact your instructor by email if you have questions.

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